BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The prepaid insurance account has a debit balance of ₱1, 200 at the end of the year. If unexpired insurance at the end of the year is ₱800, the amount of prepaid insurance that should be reported on the end-of-year balance sheet is
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₱400
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₱1, 200
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₱800
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₱0
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Explanation:
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